HYPE's Wild Ride: From Plunge to Potential Surge!

HYPE's price has bounced back like a boss after yesterday's nosedive, and it's now gunning for a key bullish pattern that could send it soaring even higher!

Hyperliquid (HYPE) skyrocketed 32.7% to hit an intraday high of $12.5 on April 8, morning Asian time, while pumping its market cap back over $4 billion. Its daily trading volume was up nearly 50% from the day before, hovering over $246 million. Talk about a comeback!

The recent gains have totally wiped out the losses from the past two days, which came during a brutal market sell-off. That slump followed news of new U.S. trade tariffs announced by Donald Trump, sparking fears of a global trade war and dragging down the entire crypto market by over 13%. But HYPE? It's not letting that stop it!

HYPE's rally today comes as open interest climbed back above $450 million, up 20% from the day before, hinting at growing interest from derivative traders in the market. Even though the overall derivatives market is pretty chill, positive funding rates since March 25 hint that traders are still leaning bullish. The bulls are back, baby!

Today's gains were accompanied by a surge in trading activity on Hyperliquid. Buckle up!

DeFi Llama data shows that Hyperliquid saw a massive trading volume spike, up 66% over the previous day, to hit $13.05 billion. For comparison, its biggest rival, Jupiter (JUP), only hit $1.6 billion. Hyperliquid is leaving the competition in the dust!

In total, Hyperliquid has processed over $1.22 trillion in volume so far, easily beating Jupiter's $278.4 billion. That's some serious firepower!

Hyperliquid also grabbed a ton of attention after a whale dropped 4.52 million USDC into the platform and went long on ETH with 20x leverage, opening a massive trade worth around 47,253 ETH, or roughly $70 million. That's a whale-sized bet on HYPE!

As for what's next, crypto analyst Glitch noted HYPE is testing a key resistance level between $11.7 and $12.5. If it breaks above that, he thinks it could flip it to support and rally all the way to $18.5 or even $20.5. The sky's the limit!

Sharing a 1-day HYPE/USDT chart, fellow trader Crypto Target added that HYPE needs to flip the $11.7 - $12.5 resistance range into support to avoid losses. It's do or die time for HYPE!

At press time, HYPE was trading at $11.95. Hold on tight, folks!

Hype price analysis

Looking at the 4-hour chart, HYPE seems ready to break out of a falling channel that's been in place since March 24. Traders view this as a bullish sign, which often leads to a bullish rally upon a successful break. Get ready for liftoff!

The MACD is showing bullish momentum too, with the MACD line crossing above the signal line. Plus, the Supertrend indicator has flipped green, which usually suggests buyers are back in control, at least for now. The bulls are charging!

Hence, the most likely target for HYPE is the $15 psychological resistance level, which it failed to breach earlier this month. A breakout above this could open the path towards the $20 mark. HYPE is on a mission!

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.